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The number of companies that filed for bankruptcy in Texas declined dramatically during the first six months of 2012, but legal experts say that is not necessarily good news for businesses in the state.

In fact, many legal experts say that Texas bankruptcy courts could see a new wave of businesses filing for Chapter 11 protection if the economy gets better. If the economy worsens, the state would probably see an increase in Chapter 7 liquidations.

In all, 308 businesses filed to reorganize through Chapter 11 in the first half, down 39 percent compared with a year earlier. Meanwhile, corporate liquidations under Chapter 7 were down 11 percent in the state's four federal districts.

The Northern District, comprising Dallas and Fort Worth, saw 119 business bankruptcies, down about one-third from a year earlier. That compares with a 12 percent decline nationally.

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"The downturn has lasted so long that the bad companies have already been flushed out of the system," said Mark Ralston, a bankruptcy partner at Taber Estes Thorne & Carr. "If the economy improves, we are likely to see an uptick in Chapter 11 filings."